BPER Banca S.p.A. (BIT:BPE) on March 19, 2021 said the bank's future Chief Executive Officer Piero Montani would need time to assess all merger options, pushing back a long-mooted deal with rival Banco BPM Società per Azioni (BIT:BAMI). Insurance group Unipol Gruppo S.p.A. (BIT:UNI), which is BPER's top investor with a 19% stake, last year backed the idea of merger between BPER and Banco BPM to create a third large banking group in the country. The two banks have been holding talks, people close to the matter have told Reuters, adding that valuations and governance issues were expected to stand in the way of a possible accord.

In an interview with Il Sole 24 Ore daily, Unipol Chief Executive Officer Carlo Cimbri said he still thought a deal with Banco BPM was a “fascinating idea,” but it was unlikely to happen this year due to diverging views on the timing of the potential integration. Three source close to the matter, who asked not to be named, told Reuters the deal was still on the table. One of the sources said the arrival of a new Chief Executive Officer at BPER would give new strength to merger talks and make it easier to overcome governance issues that were holding back a possible deal.

Unipol on March 18, 2021 put forward Piero Montani as a candidate to replace BPER CEO Alessandro Vandelli when the lender's shareholders name a new board on April 21, 2021.